Exar launches offer for Hifn

FREMONT, Calif. (AP) — Semiconductor company Exar Corp. said Friday it launched an offer for all shares of processor maker Hifn Inc.

Exar announced last month that it agreed to buy Hifn. Exar said it would give Hifn shareholders the choice of 0.3529 Exar share and $1.60 in cash, or $4 cash for each share of Hifn.

If Hifn shareholders take the $4 offer, the deal would be worth about $58.9 million.

The offer expires at midnight April 2.

In a regulatory filing, Hifn's board recommended the sale. Hifn designs processors used for network and data storage security.

Shares of Los Gatos, Calif.-based Hifn rose 5 cents to $3.89 and shares of Fremont-based Exar gained 4 cents to $5.31 in late afternoon trading.